China's tourism rebounds to pre-pandemic levels

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China's tourism rebounds to pre-pandemic levels

China's tourism rebounded back to pre-pandemic levels during a recent eight-day national holiday, providing a temporary boost to the nation's economy. The government said that tourism revenue reached about 753 billion yuan during the combined Mid-Autumn Festival and National Day holiday period that ended Friday, a rise of 1.5 per cent over 2019 and 130 per cent compared to last year when pandemic restrictions were still in place. A hoped-for consumer spending boom after the lifting of restrictions hasn't materialized, as many Chinese remain cautious with an evolving real estate crisis weighing on the economy and youth unemployment topping 20 percent. The tourism ministry said that 826 million domestic trips were made, up 4.1 per cent from 2019 and 71.3 per cent from last year. China's economy has shown signs of a possible emergence from its post-pandemic malaise, recording its first growth in factory activity in six months, compared to the last major national holiday in May.